Whether you want to renovate your home, consolidate your debts, or pay for an emergency, a personal loan can help you achieve those goals. However, it's important to have a clear understanding of what your monthly payments will be and how long you’ll have to repay the loan.

The Navy Federal loan calculator is a simple tool you can use to estimate your installment payments each month. By entering different factors, such as your loan amount, term, and interest rate, you’ll be able to calculate the monthly payment. This will allow you to make an informed decision about the cost of the loan and if it's affordable.

Navy Federal Credit Union offers members many types of loans, such as personal loans, auto loans, home equity loans, mortgages, and student loans. Before you take out any loan you’re considering, it's always a good idea to check whether you’ll be able to repay the loan comfortably.

If you plan to apply for a new or used car loan, we recommend using the Navy Federal auto loan calculator to determine your auto loan payments based on purchase price, interest rate, down payment, and other factors.

Brad Reichert, financial expert and the founder and managing director of Reichert Asset Management LLC, recommends using the tool to understand your best options for the length and monthly amount of your loan. “Use the loan calculator to ‘play around with’ the numbers to find the optimal balance between the amount of your down payment (which will reduce the loan amount you’ll borrow) and the length of your loan term (which will influence your payment and the total amount of interest you’ll pay over the loan’s term),” Reichert says.

“Finding the optimal loan terms for the amount you’ve saved for a down payment and the type of home or vehicle you want to buy will make your vehicle purchase decision easier when you’re working with the seller,” adds Reichert. 

Using the Navy Federal loan calculator will give you an estimate of your payments based on the factors listed below.

Loan Amount

The loan amount or the principal is the amount you’re borrowing. When borrowing a Navy Federal personal loan, your employment status, income, credit history, collateral, and other factors play a major role in determining the loan amount you can get.

The amount you borrow is the number one factor in determining your monthly payment. It is the one variable that will impact your monthly payment the most.  The larger your loan amount, the higher your monthly payments will be. If you want to keep your installments affordable, borrow a smaller amount. 

This means you should do your research on the vehicle you want to buy and the price you should pay on it to not only get the best deal possible on the vehicle you want but also to make sure you don’t over-borrow on a loan that you cannot reasonably afford.

Number of Payments

The number of payments refers to the loan term or how long you have to repay the money you borrow in full. For example, if you borrow a personal loan with a term of five years, the number of payments you will make will be 60 monthly payments until it’s paid off. 

So, along with the amount you borrow, the loan term and amortization schedule will be the second biggest influence on your payments.  Generally, the longer the loan’s term, the lower the monthly payment, but the more you’ll pay in interest over the life of the loan.

For example, if you borrow a $10,000 loan with a term of 30 months and an interest rate of 5.50%, your payment will be $358.95 per month. The total interest you’ll pay over the life of the loan will be $768.40.

If you change the term of the loan to 60 months, your monthly installment will be reduced to $191.77 per month, but the total interest you’ll pay over the life of the loan will be $1,505.94.

Interest rates

The interest rate you qualify for will also impact the monthly payment. The lender determines your interest rate based on several factors, like your credit history, banking history, length of the loan, and down payment, if applicable. For personal loans, you’ll usually pay a fixed rate throughout your entire repayment schedule.

The term length may also influence the interest rate. Longer terms usually come with higher interest rates. When you prequalify for a loan, you’ll usually get a clear idea of the rate you qualify for.

Another thing to keep in mind when you’re using this loan payment calculator is that you’ll need to input the loan annual percentage rate (APR), which is the total cost of borrowing because it takes into account not only the interest rate but also other applicable costs, such as origination fees and any other costs the lender passes along to you, for setting up and administering the loan.

Payment Protection Plan Option

When using the Navy Federal loan calculator, you’ll also have to select the type of Payment Protection Plan you plan to opt for. Signing up for Navy Federal’s Payment Protection Plan is not compulsory or any condition of getting the loan, so you’ll be able to get a loan even without it, but it is a way to make sure you’ll be able to make payments, or even pay the loan in full, should the unexpected happen between now and the end of the loan’s term.

Navy Federal’s Payment Protection Plan offers several affordable options that allow your loan to be paid off in full in case you and/or your co-borrower pass away unexpectedly. If you want your loan payments to be paid for you, if you become unemployed or disabled, you can purchase other additional plans that will cover these potential risks. 

In this way, the Payment Protection Plan serves as a life insurance or disability insurance policy that kicks in if you pass away or become injured, sick, or disabled to the point that you cannot work or make the payment on your loan.  

The Payment Protection Plan will even offer income replacement coverage that will make your loan payments for you in case you become involuntarily unemployed through a layoff or other downsizing at your employer.  Since the premiums you pay for this coverage are not tax-deductible, the payment benefits you (or your heirs) receive if you pass away, become disabled, or become involuntarily unemployed are not considered taxable income to you.

If you opt-in, the cost of the protection plan (aka, the “premiums” charged for covering you for these risks) will be added to your loan, making the monthly installments slightly higher.

For example, when borrowing a loan amount of $10,000 for a 30-month term at an interest rate of 5.50%, your installments will be $358.95 per month without payment protection.

When you add payment protection for primary loss of life, your monthly installments will be $363.01 a month.

Credit Score

While you won’t need to provide information about your credit score when using the Navy Federal loan calculator, it does impact your monthly installments because your credit score will be the primary determining factor in your interest rate. Your credit score is an important criterion that any lender will consider when determining your eligibility for any loan you apply for.

Navy Federal doesn’t list a minimum score requirement on its website for any of its loans. However, borrowers with “very good” to “excellent” credit scores of 740 to 799+ usually qualify for the lowest rates.

If you want to save money and qualify for the lowest possible rates on Navy Federal debt consolidation loans or personal loans, you can try to improve your credit score by paying your bills on time, using credit wisely, and keeping your credit utilization low.

Using the Navy Federal loan calculator is easy and quick. Once you have the information discussed above on hand, all you need to do is input the information in the right fields and calculate the results.

1. Access the Navy Federal Loan Calculator

You can use the loan calculator on Navy Federal’s website using your phone or computer.

2. Input Loan Details

You’ll need your loan’s basic information, such as the loan amount, loan APR, number of payments (i.e., the loan term), and the type of payment protection you’re opting for.

Simply input the information in the right fields, click the dropdown menu for the payment protection plan option, and select the right option. If you don’t want payment protection, select “Decline.”

3. Calculate Loan Payments

Click “Results” once you’ve input all the loan details. The calculator will take you to another page that provides you details about the loan, such as:

  • 1st payment due date
  • Total amount disbursed
  • Monthly payment
  • Number of payments
  • APR
  • Total repayment amount
  • Finance charge
  • The payment protection plan option selected
  • Payment protection plan rate per $100

4. Compare Different Loan Options

It’s a good idea to shop around and compare different loan offers before you choose the most suitable option. Use the Navy Federal loan calculator to see how different scenarios impact your monthly payments, such as if you borrow a smaller amount, choose a longer or shorter term, or qualify for a lower rate of interest.

Navy Federal offers many different loan options, including personal loans, vehicle purchase and refinancing loans, home equity loans, savings-secured loans, and  CD-secured loans. Some of these loan types may provide you with lower interest rates if you qualify.  Compare the costs to see if you can save money.

5.Consider Additional Costs and Fees

The interest you pay is not the only cost associated with a loan. There may be other costs involved, such as loan origination fees, closing costs, insurance, payment protection, and more. 

These costs and fees can increase the total loan cost.  To make sure you’re comparing your different loan alternatives on a fair “apples-to-apples” basis, the Annual Percentage Rate (or APR) on loan will allow you to compare the total cost of a loan, including all interest charges and loan fees, equally among other loans you’re considering. 

The APR measure was created so that consumers could more easily compare the true costs of borrowing money with one loan versus another when examining multiple loan offers.

So, when using the Navy Federal loan calculator, it’s important that you input the loan’s APR and not the interest rate. In most cases, lenders advertise the APR of a loan and not the interest rate, so you should have this percentage readily available to input into the calculator. If you’re prequalifying for a loan, the lender will usually quote the APR, which will include any and all additional fees.

Taking out a loan can help you reach financial goals, such as relocating for a new job, paying for home renovations, or financing a new car. Using the Navy Federal loan calculator will show you how much you’ll end up paying each month and if it fits with your budget.

A loan calculator is the first step in determining if you’ll be able to repay the loan before you start the application process. We recommend only borrowing an amount that you’ll be comfortable repaying so you avoid defaulting and damaging your credit score by missing a payment or not making your full loan payment each month.